A significant whale transaction has impacted the ARC token market, with a major holder selling 27.2 million ARC tokens on December 28. This sale, valued at approximately $1.2 million, caused the token's price to fall below $0.04, according to Arkham data. The price later saw a slight recovery to $0.04185. This whale activity has contributed to a 10.2% decline in ARC's value over the past 24 hours.